Sending a strong signal to bankers, the Modi government has dismissed SK Jain from his post as CMD of Syndicate Bank with immediate effect

The Indian government on Tuesday dismissed Sudhir Kumar (SK) Jain, the chairman and managing director (CMD) of Syndicate Bank from service with immediate effect. Jain was suspended on 2nd August when the Central Bureau of Investigation (CBI) registered a case against him for bribery.

"The Central Government in its letter dated September 22 has 'terminated the term of office'' of Sudhir Kumar Jain as Chairman-cum-Managing Director of the bank with immediate effect," Syndicate Bank said in a regulatory filing.

Jain was placed "under deemed suspension'' with effect from 2 August in the wake of his arrest by CBI for allegedly accepting a bribe to hike the credit limit of some private companies bypassing rules.

The two companies named in the case were Prakash Industries and Bhushan Steel, some of whose senior executives, apart from others, have been charged.

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bharati

2 years ago

Please mention those charged and the exact nature and amount of the bribery and who stands to lose. This is an incomplete report.

One Good decision.

The market opened Monday weak and moved in a narrow range till 1.00pm. After that, it slowly started rising. The positive move became stronger at around 2.00pm, after which it moved higher to hit the day’s high. We had mentioned in Friday’s closing report that the indices may witness further rise but haltingly. This is exactly what happened.

S&P BSE Sensex opened at 27,008 while NSE's CNX Nifty opened at 8,084. Within minutes, both Sensex and Nifty moved lower to hit the day’s low at 26,919 and 8,065, respectively. In the last hour of trading, both the benchmarks hit their high at 27,255 and 8,160 and settled close to it. Sensex closed at 27,207 (up 116 points or 0.43%). Nifty making gains for fourth consecutive session, closed at 8,146 (up 25 points or 0.31%). The NSE recorded a lower volume of 83.46 crore shares. India VIX fell 2.71% closed at 11.5650.

Among the other indices on the NSE, the top five gainers were FMCG (2.05%), Auto (1.17%), CPSE (0.99%), PSU Bank (0.80%) and PSE (0.67%) while the top five losers were Media (1.32%), Metal (1.26%), Pharma (0.97%), Realty (0.63%) and IT (0.45%).

Of the 50 stocks on the Nifty, 21 ended in the green. The top five gainers were Tata Motors (3.94%), ONGC (3.70%), ITC (3.23%), BPCL (2.09%) and IndusInd Bank (1.96%).

Of the 1,599 companies on the NSE, 817 companies closed in the green, 740 companies closed in the red while 42 companies closed flat.

Prime Minister Narendra Modi is scheduled to launch the ambitious 'Make in India' campaign on 25 September 2014. The initiative is one of the several steps which the government has announced in order to improve ease of doing business in India and attract investments to boost manufacturing in the country.

The CBI told a special court that it would not file further final reports or charge sheet or closure report for the time being in any coal blocks allocation scam case as the Supreme Court has restrained it from doing so.

According to publication titled 'G-20 Trade and Investment 2014' issued by the Australian Department of Foreign Affairs and Trade (DFAT), Australian companies have invested in India, AUD6.57 billion in 2013 compared to AUD5.78 billion in 2012, up 13.7%. The outlay of Indian firms in Australia remained flat last year as compared to 2012, according to a government report.

Gitanjali Gems (6.55%) was the top gainer in ‘A’ group on the BSE. Jaiprakash Associates hit its 52-week low on Friday. The stock was among the top two gainers in the group today. It announced on Friday after market hours that it has entered into a business transaction agreement with Shree Cement sell 1.5 MTPA cement grinding unit at Panipat, Haryana for around Rs360 crore.

Suzlon Energy (9.80%) continued to be top loser in ‘A’ group on the BSE today also.

Bharti Infratel which hit it 52-week high on Thursday continued to correct for second consecutive session. It was among the top two losers (5.67%) in the group. Reliance Jio Infocomm Limited, a subsidiary of Reliance Industries, has signed a master services agreement for tower infrastructure sharing with Indus Towers. The agreement will help in avoiding duplication of infrastructure and preserving the environment. Indus Towers has been promoted under a joint venture among entities of Bharti Group, Vodafone Group and Aditya Birla Group.

Tata Motors (3.93%) hit its 52-week high today and was also the top gainer in the Sensex 30 pack and among the top three gainers in ‘A’ group on BSE.

An official at the National Pharmaceutical Pricing Authority (NPPA) was quoted as saying on Friday that the government has capped the prices of 36 drugs, including those used to treat infections and diabetes to make essential medicines more affordable. All the pharma stocks in Sensex 30 stock were among the losers today. Cipla (2.27%) was the top loser. Sun Pharma (1.18%) and Dr Reddy (0.73%) were also among the losers.

US indices closed Friday flat with a negative bias.

Except for NZSE 50 (1.06%) all the other Asian indices closed in the red. Shanghai Composite (1.70%) was the top gainer.

China's Finance Minister Lou Jiwei said growth in the economy faces pressure and reiterated that there won't be major changes in policy in response to individual economic indicators. China's economy is growing in a stable way and operating within a reasonable range, Finance Minister Lou said in a statement published on the People's Bank of China website. Macroeconomic policy will focus on “comprehensive” targets, particularly job growth and price stability, the statement said. European indices were trading in the red.

US Futures too were trading lower.

Italian industrial orders dropped in July as both foreign and domestic demand slipped, underscoring the struggle of euro zone's third-largest economy to exit a prolonged recession. Industrial orders declined 1.5% on the month, after a similar drop in June, national statistics institute Istat said today using seasonally adjusted data. Orders were down 0.7% on the year in unadjusted terms, Istat added. Orders are a proxy for future industrial output, a key metric for Italy, which has Europe's second-largest manufacturing sector.

“Our navigators’ calculations show that MOM has entered the Gravitational Sphere of Influence of Mars,” ISRO said on its social networking site, adding, the spacecraft was within 5.4 lakh km radius of the Mars’ Gravitational Sphere of Influence.

After being launched from ISRO’s spaceport of Sriharikota on 5th November last year, the MOM had left Earth’s orbit on 1st December and began its historic voyage to put India on the list of elite nations, which has sent a mission to Mars.

“MOM has entered the Mars Gravitational Sphere of Influence this morning and we will perform certain procedures on the mission today. The fourth trajectory correction manoeuvre and test firing of Main Liquid Engine will be test fired for 3.968 seconds,” an ISRO official said.

The spacecraft is scheduled to enter the Mars Orbit Insertion at 7.30am IST on 24th September.

The crucial fourth trajectory correction manoeuvre and test fire of the main liquid engine on the spacecraft is scheduled for 2.30 pm.

The MOM, India’s first interplanetary mission, was launched by India’s workhorse Polar Satellite Launch Vehicle from the spaceport of Sriharikota in Andhra Pradesh.